Fall River's waterfront Regatta sold to new owners

Michael Holtzman

Thursday

Jan 3, 2013 at 12:01 AMJan 3, 2013 at 3:21 AM

Two city businessmen bought the long-shuttered Regatta at Battleship Cove last week for $3.5 million and plan to invest $2 million to $3 million more to turn the waterfront eatery and pub into a seafood restaurant, pub and function hall.

Two city businessmen bought the long-shuttered Regatta at Battleship Cove last week for $3.5 million and plan to invest $2 million to $3 million more to turn the waterfront eatery and pub into a seafood restaurant, pub and function hall.

“The restaurant will focus on seafood, steaks. It definitely won’t be a nightclub,” said Pedro “Peter” Cabral, co-owner of the Taphouse Grille and previously of the Flaunt Lounge, both downtown. “We put this together quick."

Cabral and Thomas Richardson Jr., owner of Triangle Refrigeration, bought the 2.2-acre property at 392 Davol St. from Paula and Joseph Ruggiero Jr.

Ruggiero, a regional businessman from Barrington, R.I., bought the Ford dealership in Fall River in June for $3.2 million, and is renovating it.

Records at the city Registry of Deeds list the Regatta sale to Rapids Management LLC on Dec. 28 at $3 million, although both Cabral and Ruggiero said Thursday the price was $3.5 million.

There are “other considerations,” Cabral said by phone from Florida, where he operates Emergency Response Group, an environmental cleanup firm that responded to BP’s oil spill disaster in the Gulf of Mexico in 2010.

Rapids Management LLC, headed by Cabral and Richardson, was set up Dec. 20 at 425 Pleasant St., the Durfee Union Mills building, to acquire shopping centers, apartment complexes, industrial buildings and commercial properties, according to a filing with the Secretary of State.

Both Cabral and Ruggiero discussed the sale in brief interviews.

“I think it’s a good piece of property,” Cabral said. “We plan to renovate it down to the studs inside and rebuild it.”

Cabral said from preliminary estimates they plan to spend “between $2.2 million and $3 million” for those improvements, which could make it a destination for functions such as weddings and other family events, along with a restaurant and pub.

“I sold the property, and that’s it. They wanted to buy it. They made me an offer I couldn’t refuse,” Ruggiero said.

He and his wife have owned The Regatta since purchasing it in 1997 for $505,000, city records show.

It was once a popular pub and restaurant, but in recent years, it ran into problems as a nightclub when Ruggiero leased it to various owners.

It’s been closed since 2009, and Ruggiero has worked with the Licensing Board and Mayor Will Flanagan to retain his liquor license and bring in new restaurant managers or owners.

In mid-2010, Flanagan confirmed that the waterfront property — which includes the nearly 40-year-old wood-frame building and a marina — were for sale for $5.2 million, although Ruggiero has said for years he planned to lease it, not sell it.

Terry Hayes of RT Realty Group in Fall River, who had also confirmed that asking price, listed it at that time.

In 2012, the total property was assessed at $1.66 million, about half the value for the land, although more recent assessments dropped the figure to $1.15 million after building renovations were started.

The property, between Heritage State Park and Point Gloria, has been fenced off for months.

A total of $42,336 was paid in taxes for one year through the end of 2012.
Ruggiero said the new owners bought the property “as is.”

Flanagan said Thursday he and Ruggiero had worked cooperatively for the past 1½ years “to find the right people to develop the property.”

“There were several proposals,” Flanagan said, including several chain restaurants and a proposal to build condominiums, he said, adding that the pub chain Hooters submitted a letter of intent.

Flanagan said he prevailed upon Ruggiero not to sell to any operation for a nightclub, which he said would disrupt positive strides and future developments along the waterfront.

Saying he’s spoken with the owners, Flanagan said their concept “fits into my vision for the waterfront.”

According to Registry of Deeds records, city attorney John Saulino, who is the chairman of the Licensing Board, represented Rapids Management LLC.

Flanagan said the liquor license had not been transferred yet, and he expected Saulino to recuse himself from any actions before the board by the new owners.

Staff reporter Brian Fraga contributed to this story.

Email Michael Holtzman at mholtzman@heraldnews.com.

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